Churchill backs GenNx360’s buyout of two packaging supply companies

Churchill has provided a $48 million credit facility to back GenNx360 Capital Partners' acquisition of B2B Industrial and AMW Packaging Supply.

Churchill has provided a $48 million credit facility to back GenNx360 Capital Partners’ acquisition of B2B Industrial and AMW Packaging Supply. Based in Addison, Illinois, B2B Industrial is a provider of packaging supplies and equipment while Phoenix-based AMW Packaging Supply provides a wide variety of packaging supplies and equipment, as well as tool and equipment servicing and repair services.

PRESS RELEASE

New York, NY, October 9, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent for a $48 million senior secured credit facility to support the acquisition of B2B Industrial Packaging, LLC (“B2B Industrial” or the “Company”) and the assets of American Machinery Works, Incorporated (“AMW Packaging Supply”) by GenNx360 Capital Partners (“GenNx360”).

Headquartered in Addison, Illinois, B2B Industrial sells a full range of packaging supplies and equipment, including strapping, stretch film, corrugated and fasteners, as well as tool repair services, to more than 6,000 active clients in a wide variety of end markets across its footprint in Illinois, Texas, California, Oregon, Washington and Kansas. Headquartered in Phoenix, Arizona, AMW Packaging Supply provides a wide variety of packaging supplies and equipment, as well as tool and equipment servicing and repair services, in the Southwest United States and Florida. The operations of B2B Industrial and AMW Packaging Supply will be combined in order to achieve greater diversification in its customer base, geographical reach and end markets served.

“The combination of B2B Industrial and AMW Packaging Supply will allow the Company to achieve enhanced scale and capabilities as a market leading disruptor in industrial packaging consumables distribution,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets, Senior Lending at Churchill. “We are thrilled to be a part of this transaction and look forward to working with Company management and the GenNx360 team to support the company’s organic and inorganic growth strategy.”

The financing represents the fourth transaction which Churchill’s senior loan team has completed in support of GenNx360 Capital Partners, a leading New York, NY-based private equity firm that has managed over $1.1 billion in original capital commitments in the industrial and business services industries.

“Having worked with Churchill several times in the past, we have always appreciated the team’s ability to move swiftly and flexibly and knew we could count on the Churchill team again as we pursued this exciting investment opportunity,” said Ron Blaylock, Founder and Managing Partner at GenNx360. “We look forward to continuing this growing partnership in future transactions.”

About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $24 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.

About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include industrial machinery and components, business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit www.gennx360.com